How will the rise in minimum wage affect you and I?

I'm only a 16 year old kid, and I work in the fast food industry, and I recently found out that here in texas, minimum wage will be raised from 5.15 to 5.85, and to 7.50 by 2009. Of course I'm glad I'll be paid more, however, won't this effect prices on consumer goods? If we get paid more, won't that result in an increase on prices on everything else? Any thoughts would be appreciated

Answer:
You're absolutely right... raised minimum wage is NOTHING, considering the price of everything else going up! It's just a gimmick to make you think you're better off, when you're really right where you've been all along!

Do well in school, study hard, get great grades & do something wonderful with your life so you don't have to work minimum wage jobs for much longer!! Set your mind to big money & achieve it. believe in yourself!! YOU CAN DO IT!!
Correct raising the minimum wage would do nothing other than raise the price of everything else. You may ask how to get more money without affecting the prices of consumer goods- it's a simple answer-WORK HARDER, THINK HARDER, and... PUT THEM TO USE
One reason why they are raising the minimum wage is because prices are already high to start with. They had to increase your minimum wage because at current levels your income is not enough to fill you "food basket".

For a fast food business, it doesn't necessarily follow that they have to increase the price of burgers just because min.wage was increased. you can compute it as, ratio of 1 employee to how many burgers prepared. so if its 1:15 then the output has to be maximized to 1:20

The answers post by the user, for information only, FunQA.com does not guarantee the right.



More Questions and Answers:
  • Is there any oil in Brazil, India and China?
  • 11. Refer to the above diagram for a monopolistically competitive firm. If more firms would enter the industry
  • What will happen when we start hitting the peak oil? Inflation or deflation?
  • What does the statement mean "investment in human capital"?
  • How is this case different from the divergence of wages between teh United State and Mexico?
  • Why people seem so obsess with the idea of world richest man not from IT industry?
  • In modern day terms, how much was $20 in 1860?
  • Which continent would you consider the wealthiest in the world?
  • India , economics is climbing fast will they be a super power one day say like America?